The average cost of insuring a mobile home is $1,500. This can be so expensive because they are not as sturdy and secure as traditional homes, which means the damage isn’t limited to just one area.
Mobile homes are typically less expensive than other types of housing, but that doesn’t mean they’re cheap. Mobile home insurance is one expense to consider when moving in.
Find out more about mobile home insurance and why it may be so high in price.
Also Find Out: Mobile Home Mortgage Calculator
What makes mobile home insurance so expensive?
Mobile homes are often manufactured in a factory, like RVs. These can be transported on the back of large trucks and brought to different locations. The wheels make these mobile homes less secure because they could fall off at any time or get jostled out of place during transportation.
Some areas even have laws that require homeowners to remove their home’s wheels and store them in a specific location. This makes the home stationary and less likely to be damaged during a storm or other natural disaster.
Since mobile homes are not as sturdy as traditional homes, they can suffer more damage from wind, rain, hail, and even fire.
The roof is often one of the first places to go in a storm since it is not secured to the home. Water can get in and cause mold or even start a fire if electrical wires are near the water.
Mobile homes also tend to be smaller than your average house. This means any damage would affect more of your stuff, like appliances, furniture, and anything you store in the kitchen like food.
This could cost you more money because many insurance policies do not include full replacement for all items in your home.
The last thing that makes mobile home insurance so expensive is the risk factor. Mobile homes are located in places where big storms tend to occur, like Florida and Texas.
They are popular options for people who like camping but don’t want to pay to rent an RV when they take their family on vacation.
This means that mobile homes are often in high-risk areas for natural disasters, which can cause the insurance premiums to be higher.
Even though mobile home insurance may be more expensive than other types of housing, it is still important to have. Your home is your biggest investment and you need to protect it from any type of damage.
Review your policy and make sure you are fully covered in case of a storm or other natural disaster. You don’t want to end up paying out of pocket for damages that could have been prevented.
Is homeowners insurance more expensive for modular homes?
Yes, homeowners insurance can be more expensive for modular homes. This is because modular homes are not as sturdy as traditional homes and they can suffer more damage from wind, rain, hail, and even fire.
The roof is often one of the first places to go in a storm since it is not secured to the home. Water can get in and cause mold or even start a fire if electrical wires are near the water.
Modular homes also tend to be smaller than your average house. This means any damage would affect more of your stuff, like appliances, furniture, and anything you store in the kitchen like food.
This could cost you more money because many insurance policies do not include full replacement of all items in your home.
The last thing that makes modular home insurance so expensive is the risk factor. Modular homes are located in places where big storms tend to occur, like Florida and Texas.
They are popular options for people who like camping but don’t want to pay to rent an RV when they take their family on vacation.
This means that modular homes are often in high-risk areas for natural disasters, which can cause the insurance premiums to be higher.
Even though modular home insurance may be more expensive than other types of housing, it is still important to have. Your home is your biggest investment and you need to protect it from any type of damage.
Relevant Article: Can You Get A Reverse Mortgage On A Mobile Home?
Which things include in Mobile home insurance?
Review your policy and make sure you are fully covered in case of a storm or other natural disaster. You don’t want to end up paying out of pocket for damages that could have been prevented.
When considering mobile home insurance, it is important to know what is included in the coverage.
- Most policies will cover damage to your home caused by a storm, wind, hail, fire, or other natural disasters.
- They will also usually cover your belongings if they are damaged or destroyed in a storm.
- However, there may be some limits on how much the insurance company will pay out for each claim.
It is important to read through your policy carefully and understand what and is not covered.
If you are looking for more protection, you may want to talk to your insurance company about purchasing additional coverage. This could include flood insurance or even umbrella insurance in case of a very large storm or natural disaster.
Mobile home insurance is different from homeowners insurance because it only covers the mobile home itself and not the land on which it sits.
This can become problematic when moving, especially if you are taking up residence where your old home was located.
If you do decide to move, make sure to cancel your existing policy and purchase a new one at your new location before something bad happens like a fire or flood.
Finally, keep receipts for anything that is damaged by water or fire so you can an accurate claim with your insurer.
Final Words
With mobile home insurance, it’s important to make sure you get the right coverage. You want your policy to be tailored specifically for your needs and at a price that fits within your budget. That way, when disaster does strike (and we all know it will), you’ll be protected.